Illinois Gov. Pat Quinn has signed a bill into law that would require defendants in most civil cases to submit to plaintiffs an executed release within 14 days of a written settlement agreement. The new law goes into effect on Jan. 1, 2014.
Significantly, the new law will require a defendant to pay all of the settlement amounts to the plaintiff within 30 days of the date that the signed release is tendered to the defendant. If the defendant fails to timely pay the money required by the agreement, the plaintiff can return to court on a motion for added costs and interest.
The law will create a new “Part 23” of the Illinois Code of Civil Procedure to be titled “Settlement of Claims; Payment” (735 ILCS 5/2-2301).